15 valores sólidos para batir a los bonos

Fifteen solid values to beat Spanish bonds. Sabadell, Naturgy, Enagás and Aena, among others listed on the Ibex, offer dividend yields of 4% to 7% for the next twelve months and show promising prospects. A total of fifteen Ibex stocks and thirty more Spanish companies exceed the 4% Spanish bond yield in dividend payouts. Rising bond returns put pressure on variable income, which carries more risk, especially short term.

However, a selection of stocks benefits from dividend yields above the bond and strong future prospects backed by analysts. Empa is the highest-yielding Ibex stock, with an expected 7.6% dividend for the next twelve months. Analysts from GVC Gaesco recommend it as a strong addition to a portfolio due to expected economic growth in Spain through 2027 and high interest rates, which do not pose a concerning increase in delinquency rates.

It has sufficient capital to pay an attractive dividend and generate solid results, GVC Gaesco's Victor Peiro asserts. BNP Paribas and JB Capital trust in Banco Sabadell's ability to deliver strong results and set target prices of 4.30 and 4.50 euros, respectively, up 20% from Friday's close. They forecast the bank's return on equity at 19% in 2028, one percentage point above the Spanish average.

Key drivers for Sabadell's business improvement include reduced provisions and an annual 5.5% growth in commissions, averaging 2028. Gas and electricity provider Sabadell pays a 6.43% dividend with three annual payouts. Its 2026 dividend, valued at 0.60 euros per share, is estimated by analysts. The 2025-2027 Strategic Plan sets a steady dividend growth path for shareholders, from 1.60 euros in 2024 to 1.90 euros in 2027.

GVC Gaesco highlights its predictable profit, strong balance sheet, and investment plans that do not jeopardize investor returns. The stock has a 6.6% upside in the market consensus, up to 31 euros, but Goldman Sachs expects it to reach 35 euros due to its energy management business potential, which accounts for about 10% of Naturgy's EBITDA.

Disruptions in energy markets due to the situation in the Middle East favor this business. In July, Naturgy raised its EBITDA forecast for 2026 above 5.5 billion and projected net profit above 2.1 billion, a 10% increase, according to its own forecasts. It also increased its free-float liquidity to around 46%, making it easier to trade shares and potentially expanding its institutional investor base.

The gas transport company has a 6% dividend yield over one year, with payouts expected in December and June. Enagás jumped over 25% this year due to a better-than-expected regulatory framework for the gas transport network until 2031 and received confidence from Bernstein, Bestinver Securities, and Santander, who set target prices above 18.5 euros and 17.38 euros, respectively.

It faces lower risk in its Peruvian investment after favorable resolutions from the International Arbitral Center (CIADI), which could allow it to sell the asset at an attractive price, according to analysts at Renta 4. The airport manager offers a 4.8% dividend yield and has a 93% buy or hold recommendation. The Ministry of Finance approved new regulatory fees for 2027-2031 that are above expectations and the CNMC proposal.

Airport traffic growth with slightly higher fees and significant capacity expansion investments in major airports over the next years should support growth beyond 2032, according to Angel Pérez, Renta 4 analyst. Outside the Ibex, Neinor, Viscofan, Cie, LDA, and Ebro Foods stand out. Neinor has the highest expected dividend yield over the next twelve months at 14.7%, and 100% buy recommendations, with a potential 31% revaluation to 20.24 euros on average.

Favorable supply-demand dynamics in Spain's housing market make promoter-focused companies like Neinor highly attractive, with near 250 million euros in cash dividends over the next 18 months, or 15% of the market capitalization. Analyst Javier Díaz also trusts Neinor's operational solidity, taking advantage of the imbalance between housing supply and demand in Spain.